1. FY27 balance sheet growth - 2x to 2.5x nominal GDP On track - At the Q4 FY26 call, management reiterated long-term guidance of compounding at 2x to 2.5x nominal GDP, and at Q1 FY27 the CEO said growing at least 2x-2.5x nominal GDP "for next 10 years is quite achievable". In Q1 FY27 loans grew 23% YoY vs \~17% for the private sector.
2. FY25 capital raise - none envisaged Delivered - At the Q1 FY25 call, management said no capital raise was envisaged in the financial year. In FY25 the bank raised ₹770 cr Tier II capital in Mar'25, with no equity raise disclosed.
3. FY25 disbursement yield - sustain 15.8% Partial - At the Q1 FY25 call, management endeavored to sustain disbursement yield of 15.8%, and at Q2 FY25 said enhanced yields should sustain for the year. Q2 FY25 incremental disbursement yield was 15.2%, with a further 30 bps QoQ decline by Q4 FY25; FY25 GA yield was stable at 14.4%.
4. FY25 deposit growth - 25% Delivered - At the Q1 FY25 call, management was confident to grow deposits by 25% for the year, revised at Q3 FY25 to 23%-24%. FY25 deposits grew 27% YoY to ₹1,24,269 cr.
5. FY27 credit card asset quality - in line with industry On track - At the Q4 FY24 PPT, management committed to keep credit card asset quality in line with industry, reiterated at the Q4 FY25 PPT. Credit card GNPA was 6.7% in Q4 FY25 and 3.5% for the digital unsecured segment in Q1 FY27, with credit cost near normalization by Q3 FY26; no explicit industry comparison was disclosed.
6. FY27 high-ROA assets - 72%-75% of portfolio On track - At the Q4 FY24 call, management aimed to grow high-ROA segments to approximately 70%-75% of portfolio by 2027, refined at the Q4 FY25 PPT to 72-75% by Mar'27. At Q4 FY25, \~73% of the loan portfolio was high RoA assets.
7. FY27 current account share - at least 7.5% of deposits On track - At the Q4 FY24 call, management targeted current account deposits of at least 7.5% of deposits by 2027, with the Q4 FY25 PPT guiding a 100-150 bps increase from 4.8% as on Dec'23. Current account share was \~5.6% at Q4 FY25, and CA grew 34% YoY to ₹9,359 cr by Q4 FY26; no explicit CA% of deposits was disclosed for FY26.
8. FY27 branch profitability - 65% of Dec'23 branches profitable by Mar'27 On track - At the Q4 FY24 call, management targeted 65% of branches live as of Dec'23 to be profitable by 2027, reiterated at the Q4 FY25 PPT. At Q4 FY25, 49% of branches live Dec'23 were profitable, unchanged at 49% in Q1 FY26; no further percentage was disclosed in the record.
9. FY26 other income - grow in line with balance sheet Delivered - At the Q4 FY24 call, management expected other income for the next year to grow in line with the balance sheet. FY26 other income grew 18% YoY vs balance sheet growth of \~21%, and core other income rose 33% YoY in Q1 FY27.
10. FY26 deposit growth - 23%-24% Delivered - At the Q3 FY25 call, management reiterated 23%-24% deposit growth guidance, with deposits already up 31% YoY in Q1 FY26. FY26 deposits grew 23% YoY to ₹1.52 lakh crore, and 24% YoY in Q1 FY27.
11. FY26 gold loan growth - multifold opportunity Delivered - At the Q2 FY26 call, management said the gold loan business had an opportunity to grow multifold. The FY26 gold loan book doubled to ₹4,000 crores, and grew 130% YoY to ₹4,500 crores in Q1 FY27.
12. FY26 commercial banking growth - north of 25% Delivered - At the Q1 FY26 call, management looked for commercial banking growth north of 25%. FY26 commercial banking grew 29% YoY to ₹31,000 crores, and 34% YoY in Q1 FY27.
13. Wheels growth - 20%-25% medium term Pending - At the Q2 FY26 call, management guided the wheels business to 20%-25% annual growth over the medium term, after the book grew 26% YoY in Q2, with the team confident of meeting its FY26 target. No FY26 wheels book figure appears in the cited sources; Q1 FY27 disclosures show Auto +21% and CV +33% YoY without a stated wheels growth outcome.
14. FY26 mortgage growth - 17%-18%, later 20%+ Missed - At the Q1 FY26 call, management targeted mortgage growth of 17%-18% for the year and maybe 20%+ subsequently; at Q3 FY26 this was scaled back to 17%-18% next year. FY26 mortgages grew 11% YoY to ₹42,400 crores, and 12% YoY in Q1 FY27.
15. FY26 credit card normalization - credit costs normalized by end FY26 Partial - At the Q2 FY26 call, management expected the credit card book to start reflecting normalized credit costs by end of FY26. Credit card credit cost was near normalization by Q3 FY26 and the business stabilized after five quarters of de-growth by Q4 FY26, but it remained loss-making in Q1 FY27.
16. FY26 MFI growth - \~5% YoY, book bottomed Partial - At the Q1 FY26 call, management targeted an INR7,000 crores MFI book by year end, implying \~5% YoY growth. FY26 MFI GLP was ₹6,879 cr vs ₹6,670 cr in Q4 FY25 - roughly 3% YoY growth - with 8% sequential growth in Q4 FY26 and 15% YoY in Q1 FY27.
17. MFI CGFMU coverage - >75% of book Delivered - At the Q4 FY25 call, management expected CGFMU coverage on the overall MFI book to increase to more than 75%, raised at Q3 FY26 to 90%-95% by March 2026. Coverage was 92% of the MFI book at Q4 FY26 and 96% at Q1 FY27.
18. Branch expansion - 80-100 branches annually On track - At the Q4 FY26 call, management committed to opening "80 to 100 newer branches every year", and at Q1 FY27 said it was on track to add another 100+ branches this year. Q1 FY27 saw 16 new deposit branches added.
19. FY27 cost-to-assets - lower than 4% On track - At the Q4 FY26 call, management guided the cost-to-assets ratio "should be lower than 4%" in FY27, reiterated at Q1 FY27 to improve on a full-year basis. Q1 FY27 cost-to-assets ex-CGFMU was 4.0%.
20. FY27 credit cost - around 90 bps On track - At the Q4 FY26 call, management advised modeling credit cost "around 90 bps or maybe in that range" for FY27, consistent with the 85-90 bps idea flagged at Q2 FY26. Q1 FY27 credit cost including CGFMU fee was 0.8%.
21. FY26 GLP growth - 2x to 2.5x nominal GDP (\~20%-22%) Delivered - At the Q1 FY26 call, management reiterated the growth target of 2 to 2.5x nominal GDP for FY26, with \~20%-22% overall growth targeted at Q3 FY26. FY26 GLP grew 21% YoY, with loans up 21% YoY at Q4 FY26.
22. FY26 NIM - Q2 bottom, gradual improvement from Q3 Delivered - At the Q1 FY26 call, management said Q2 should be the bottom for NIM with gradual improvements from Q3 onwards. NIM moved from 5.4% in Q1 FY26 to 5.5% in Q2, 5.7% in Q3 and 5.96% in Q4, at 5.9% in Q1 FY27; FY26 NIM was 5.65% vs 5.94% in FY25.
23. FY26 cost-to-assets - better than 4.3% Delivered - At the Q2 FY26 call, management expected to do better than last year's \~4.3% of average assets, reiterated at Q3 FY26. FY26 cost-to-assets ex-CGFMU was 4.1%, down 19 bps from 4.3% in FY25; including CGFMU it was 4.2%.
24. FY26 credit cost - \~1% of average total assets Delivered - At the Q1 FY26 call, full-year credit cost expectation was increased by 10-15 bps to \~1% of average total assets, reaffirmed as "absolutely on track" at Q2 FY26 and reiterated at Q3 FY26. FY26 credit cost was 0.96% of average total assets, or \~1% including CGFMU premium.
25. FY26 branch expansion - 70-80 new branches Delivered - At the Q3 FY25 call, management planned around 70 to 80 new branches in FY26, reiterated at Q4 FY25 and Q1 FY26. FY26 added 78 new liability branches.
26. Universal bank license - file application, decision in 2025, transition by 11th year On track - At the Q1 FY25 call, the Board decided to file for a universal bank license, with a decision expected in calendar 2025 and the plan to start the 11th year as a Universal Bank. The application was filed in September 2024, in-principle approval came on August 7, 2025 with an 18-month transition, the final application was filed in March 2026, and regulatory approvals were awaited at Q1 FY27.
27. Fincare merger integration - smooth within 9-12 months, tech by Dec 2025 Delivered - At the Q4 FY24 call, management's immediate focus was smooth and seamless merger integration with Fincare within the next 9 to 12 months, with tech integration targeted by December 2025. Fincare's core banking system migration was completed in April 2026 and integration into AU was complete.
28. FY25 credit card issuance - around 5 lakh cards Missed - At the Q1 FY25 call, management guided full-year credit card issuance around 5 lakh cards for FY25, after saying at Q4 FY24 it would not issue more than 6 lakh cards. Only 75,000 cards were issued in Q1 FY25 and the credit card book declined 19% in FY25, with issuance significantly below FY24 levels.
29. Credit card credit cost - \~6%-7% for FY26, vs \~11% in FY25 Partial - At the Q4 FY25 call, management guided FY26 credit card credit cost at \~6%-7%, down from \~11%-12% in FY25; FY25 itself came in at 11.00% against the 6.5%-7% guided at the Q1 FY25 call. By Q3 FY26, credit card credit cost and slippages were near normalization, though a full-year FY26 figure is not yet in the sources.
30. MFI credit cost - 3% annualized through the cycle Missed - At the Q2 FY24 call, management believed MFI could sustainably run with credit cost of 2.5% to 3% through-the-cycle, reiterated at Q1 FY25 as a 3% annualized cost. FY25 MFI credit cost was 7.75% and FY26 ran at \~5%, normalizing to \~2.5% with guarantee cost by Q1 FY27.
31. MFI book cap - not more than 10% of overall book Delivered - At the Q2 FY24 call, management said post-merger MFI would be 8% of balance sheet and intended to keep it around 10%, committed at Q3 FY24 as not more than 10% of overall loan assets. The MFI share moved from \~8% in Q1 FY25 to sub-6% by Q4 FY25 and \~5% by Q1 FY27, within the cap throughout.
32. FY25 GLP growth - 25%, later lowered to \~20% Delivered - At the Q2 FY25 call, management remained on course to hit the FY25 GLP growth target of 25%, lowered at Q3 FY25 to around 20%. The FY25 loan book grew 20% YoY to INR115,000 crores.
33. FY25 credit cost - normalized 1.10%-1.15% on advances Missed - At the Q1 FY25 call, management guided normalized credit cost in the range of 1.10%-1.15% on advances, softened at Q2 FY25 and revised at Q3 FY25 to 1.55-1.6% overall. FY25 credit cost was 1.3% of total average assets and 1.7% of average GLP.
34. FY25 NIM - 5.7%-5.8%, later raised to close to 6% Delivered - At the Q1 FY25 call, management guided FY25 NIM in the corridor of last year's \~5.5% plus 10-15 bps, "happy with anything between 5.7% to 5.8%", raised at Q2 FY25 to close to 6%. FY25 NIM was 5.94%, with Q2 FY25 at 6.1%.
35. FY25 cost of funds - 7.20%-7.25% initial, revised to 7.10%-7.15% Delivered - At the Q1 FY25 call, management guided \~35 bps increase in cost of funds for FY25 over FY24, implying \~7.15%-7.20%, revised at Q2 FY25 to 7.10%-7.15%. FY25 cost of funds came in at 7.07%, below the guided range.
36. ROA - defend 1.6% in FY25, 1.8% by FY27 Partial - At the Q4 FY24 call, management wanted to defend 1.6% ROA in FY25, with the Q4 FY24 PPT setting RoA of 1.8% by 2027, reiterated through Q4 FY26. FY25 ROA was 1.5% and FY26 1.6%, with Q4 FY26 ROA at 1.8% and Q1 FY27 at 1.7% annualized.
37. FY24 NIM pressure - \~30-40 bps compression Partial - At the Q4 FY23 call, management guided NIM pressure of \~30-40 bps in FY24 due to higher cost of money, with a possible additional 10 bps spillover flagged at Q1 FY24. FY24 NIM was 5.45% vs FY23's 5.94% - a compression of \~49 bps - though management said the margin "remains within the guided range" in Q1 FY24.
38. Credit card business - breakeven in FY25 Missed - At the Q4 FY23 call, management said the credit card business would break even in FY25, reaffirmed at Q3 FY24 "by last quarter". The business posted PAT of ₹(268) Cr in FY24 and ₹(200) Cr in FY25, breakeven was pushed to FY27, and it remained loss-making in Q1 FY27.
39. AD-1 license - applied, operationalize by end FY24, income scale in 3-5 years Delivered - At the Q3 FY23 call, management said the AD1 license was applied for in December 2022 with implementation expected "live up and running" by end of FY24 and income reaching real levels in two to three years. AD1 business was rolled out by Q4 FY24 with \~Rs.20 crores capex, monthly forex flow crossed $100 Mn by Q4 FY25, and transaction banking and forex income grew 46% YoY in Q1 FY27.
40. FY23 loan growth - around 27%-28% Delivered - At the Q2 FY23 call, management indicated FY23 loan growth of "around 27% to 28% kind of growth this year". FY23 assets after securitization grew 26% to Rs.59,000 crores-plus, with management saying they fulfilled the roadshow promise of growing business \~30%.
41. Core banking platform upgrade - go live in next few months Delivered - At the Q2 FY23 call, management said the core banking platform upgrade was expected to go live "in the next few months". The bank went live with the upgraded CBS in Q3 FY23, and the core banking system was upgraded to the latest version by Q4 FY23.
42. Cost-to-income ratio - bring down from \~62% to \~60% by FY24, then <60% by FY27 Delivered - At the Q2 FY23 call, management reiterated cost-to-income guidance of "about 62% odd" and committed to bringing it down, with the Q4 FY24 PPT setting a Mar'27 target of <60%. FY24 cost-to-income was 63.6%, but FY25 came in at 57% and FY26 at 57.9%, ahead of the FY27 deadline.